Tezos, a company that raised funds via an ICO, is the subject of a lawsuit

As a result of the prosecution of more and more numerous, the founders of Tezos ask that their legal fees are taken in charge by the swiss company in charge of managing the funds generated by the ICO that they have done in July.

If this approach is possible, the company Tezos will use the funds to participants who have sued the company to pay their legal fees.

Tezos asks the participants to cover their legal fees

Arthur and Kathleen Beitman, the founders of the project Tezos today use fce to three class actions in the United States. The company has raised approximately $ 232 million through an ICO in July. But following a dispute between the founders and the company based in Switzerland, in charge of managing the funds raised, they have not been able to develop the project and distribute digital currencies to investors. The company has since been the subject of a series of lawsuits. Tezos would have violated the us federal laws on securities, and allegedly defrauded investors.

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After the closing of the ICO, Tezos had set the record for the largest amount of money collected by a single ICO. Reuters has revealed that the couple Breitman wishes to have access to the funds of the organization in switzerland in order to cover their legal fees.

The situation seems to be complicated for Tezos

The members of the board of directors of the swiss society could clash with regulators swiss, if Tezos takes care of all the legal fees. The contractual agreement between DLS and Tezos stipulates that the supervisory authority swiss federal will be required to approve the wishes of the Breitmans.

Furthermore, according to Reuters, a spokesman for the department responsible for supervising the competent authority, stated that the task seems to be difficult. All investors are still waiting for the outcome of this case, since they have not yet received the crypto-currency promise.

Source : NewsBitcoin